Treasury Secretary Jack Lew said in a brief on-the-record conversation Monday with CNBC he is watchful for exchange rate movements against the dollar that are the result of obvious interventions and policies by governments aimed at depreciating their currencies against the greenback.
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In contrast, he said exchange rate movements that are linked to differences in economic outlooks concern him less. He said recent movements of the euro versus the dollar seem linked more to differences in growth than they do policies aimed at depreciating the euro.
Lew, in recent comments to the IMF, urged countries not to use policy to force their currencies to appreciate, suggesting he had some concern with recent exchange movements.